The insurance industry is undergoing an exciting metamorphosis. Facing heightened competition from digital disrupters and payments providers, insurers are digitising rapidly. They are adopting new technologies, channels and services in the name of transforming the customer experience. Yet, the parasite grows alongside the host.

Pensions are supposed to be boring – public sector pensions even more so. Actuaries are only supposed to get excited very occasionally and when they do, it’s often hard to tell that they are excited. 2019 will no doubt go down in history for many reasons – probably mainly for what didn’t happen rather than what did. It is also of course valuation year in the LGPS in England and Wales, and for lots of reasons the 2019 valuation year has the potential to be one of the most exciting valuation years yet.

It is worth remembering that the modern pension market is not just bound by legislation and tax relief. Last week the FCA published its 2019/20 business plan which introduces some fundamental changes to the way in which financial services firms will be run.The regulator’s priorities are laid out in the context of addressing the biggest risks to consumers and split into the big picture issues that affect the industry as a whole, and those which affect specific sectors such as retirement planning.